PEPE whales buy the dip, but is that enough for the memecoin?

PEPE Price Surge Attracts Whales, But Social Sentiment Declines

Whale Activity

Despite a recent decline in price, whales have exhibited confidence in PEPE. Analysis indicates that a whale purchased 447.67 billion PEPE, equivalent to $5.85 million, after the dip. The number of holders within the 10- 10,000,000 cohort has also grown, indicating significant accumulation by large investors.

Centralization Concerns

While whale interest is encouraging, it raises concerns about centralization. If whales continue to accumulate a higher percentage of PEPE, retail investors may face price volatility influenced by their behavior.

Technical Analysis

At the time of writing, PEPE traded at $0.0000129, down 10.06% in 24 hours. Despite the price drop, the trend remains bullish, with higher highs and higher lows observed since May. A further decline is necessary for a full reversal.

The Relative Strength Index (RSI) for PEPE fell, indicating a decrease in bullish momentum. However, the Chaikin Money Flow (CMF) remained high, suggesting substantial capital inflows from recent whale activity.

Social Analysis

Social volume for PEPE declined, highlighting reduced interest in the token. Additionally, weighted sentiment turned negative, with an increase in negative comments. These factors could hinder PEPE's further price growth.